Alico
Announces Additional Stock Repurchase Program
Board
of Directors Authorizes 100,000 Additional Shares to Fund Senior Management
Restricted Stock Compensation Plan
La
Belle,
Florida, January 4, 2007 -- Alico, Inc. (NASDAQ:ALCO), a land management
company, announced that its Board of Directors has authorized the repurchase
of
up to 100,000 Shares of the Company's common stock through August 31, 2010
for
the purpose of funding grants under its 1998 Incentive Equity Plan in order
to
provide restricted stock to eligible Senior Managers to align their interests
with those of the Company’s shareholders.
The
stock
repurchases will be made on a quarterly basis between now and August 31,
2010
through open market transactions, at times and in such amounts as the Company's
broker determines subject to the provisions of a 10b5-1 Plan which the Company
has adopted for such purchases. The timing and actual number of shares
repurchased will depend on a variety of factors including price, corporate
and
regulatory requirements and other market conditions. All purchases will be
made
subject to restrictions of Rule 10b-18 relating to volume, price and timing
so
as to minimize the impact of the purchases upon the market for the Company's
Shares. The Company does not anticipate that any purchases under the Plan
will
be made from any officer, director or control person. There are currently
no
arrangements with any person for the purchase of the Shares. The Company
will
use internally generated funds to make the purchases. The Company had previously
announced the repurchase of 31,000 shares in order to fund its Director
Compensation plan. The new plan will bring the total shares yet to be purchased
to approximately 115,000.
John
R.
Alexander, Chairman and CEO of Alico, Inc. said, “The stock repurchase program
is designed to provide the shares authorized by the Board for the Company's
Senior Management Long Term Compensation Plan, which was implemented to further
align the interests of Alico's Management with that of its shareholders while
avoiding dilution to the Company’s existing shareholders.”
About
Alico, Inc.
Alico,
Inc., a land management company operating in Central and Southwest Florida,
owns
approximately 136,500 acres of land located in Collier, Glades, Hendry, Lee
and
Polk counties. Alico is involved in various operations and activities including
citrus fruit production, harvesting and marketing, vegetable production,
cattle
ranching, sugarcane, sod production, rock mining, vegetable seedling greenhouse
operations and forestry. Alico also leases land for farming, cattle grazing,
recreation and oil exploration. Alico intends to grow its asset values and
earnings through enhancements to its agricultural businesses and proactive
management of its real estate holdings.
For
Further Information Contact:
John
R.
Alexander
La
Belle,
Florida
(863)
675-2966
Statements
in this press release that are not statements of historical or current fact
constitute ``forward-looking statements'' within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other unknown factors
that
could cause the actual results of the Company to be materially different
from
the historical results or from any future results expressed or implied by
such
forward-looking statements. The forward-looking statements contained herein
are
also subject generally to other risks and uncertainties that are described
from
time to time in the Company's reports and registration statements filed with
the
Securities and Exchange Commission.